Best Insurance Consulting Firms to Consider (2023 Update)


Why is insurance consulting a desirable career path?

Insurance industry is on the verge of a seismic shift, led by technology-driven companies. In this changing time, many insurance companies seek help from professionals to transform themselves. Insurance consulting is becoming an exciting work opportunity. This article will provide a brief definition of insurance consulting and rankings of the top firms to work for.

Insurance consulting overview

What is insurance consulting?

In management consulting, insurance consulting is the service of helping companies in the insurance industry solve their business problems. The service ranges across a wide variety of insurance fields: Property and Casualty Insurance, Annuity and Life Insurance and so on.

In general, an insurance consultant will work with insurance companies to help them develop a growing strategy or optimize multiple aspects of their current working processes, for example enhancing the quality of underwriting execution, or devising a digital strategy and embedding analytics in claim settlement. This position is to be distinguished from insurance consultants or agents from insurance companies, who deliver necessary guidance for the insureds.

The consulting industry is normally categorized by functions, industries or tiers. Insurance consulting is an industry classification. Firms from any tier (MBB, Big4, Boutique, etc.) can provide insurance consulting services.

Salary and compensations

Like any other management consulting position, insurance consultant is a high paying job. On average, an insurance consultant earns approximately $67,808 per year (according to indeed.com). However, if you work for top consulting firms with insurance consulting service, you can expect your annual paycheck to be around $88,395.

This comes along with many workplace perks, including bonuses, health saving accounts, life insurance, professional development assistance, etc.

 

Top insurance consulting firms rankings

Below are ranking lists of top insurance consulting firms in the world, in the U.S.A, Europe, Asia and UK, ranked by consultancy.org – global largest platform for the consulting industry. The platform provides information for consultants across many industries.

Top Insurance Consulting Firms in the world

RankName
1KPMG
2EY
3Deloitte
4McKinsey & Company
5Capco
6Delta Capita
7BearingPoint
8Johnson
9Bain & Company
10Boston Consulting Group
11Elixirr
12INNOPAY
13Mazars
14OC&C Strategy Consultants
15Projective
16Q5

Top Insurance Consulting Firms in Europe

RankName
1KPMG
2Cappo
3Deloitte
4Delta Capita
5Innopay
6OC&C Strategy Consultants
7McKinsey & Company
8Bearing Point
9Bain & Company
10Mercer

Top Insurance Consulting Firms in Asia

RankName
1Deloitte
2KPMG
3Bain & Company
4McKinsey & Company
5Boston Consulting Group
6Mercer
7OC&C Strategy Consultants
8Q5

Top Insurance Consulting Firms in the USA

RankName
1Capco
2EY
3KPMG
4PwC
5Deloitte
6McKinsey & Company
7Oliver Wyman
8Accenture
9Roland Berger
10Bain & Company
11Boston Consulting Group
12Mercer
13OC&C Strategy Consultants
14Q5

Top Insurance Consulting Firms in the UK

RankName
1McKinsey & Company
2Delta Capita
3KPMG
4Accenture
5BearingPoint
6Deloitte
7Bain & Company
8Capco
9Elixirr
10FTI Consulting
11Q5
12Roland Berger
13OC&C Strategy Consultants

Read next

Scoring in the McKinsey PSG/Digital Assessment

The scoring mechanism in the McKinsey Digital Assessment

Scoring in the McKinsey PSG/Digital Assessment

The scoring mechanism in the McKinsey Digital Assessment

Related product

Thumbnail of Case Interview End-to-End Secrets Program

Case Interview End-to-End Secrets Program

Elevate your case interview skills with a well-rounded preparation package

Practice now